National Bank of Fujairah launches representative office in Antwerp
Presence in the world’s historical diamond hub will complement the bank’s expertise and strengthen partnership with its clients
07 April 2019: National Bank of Fujairah (NBF) PJSC inaugurated its first international representative office in the heart of the Antwerp Diamond District, the largest rough trading hub in the world. This falls in line with the bank’s strategy to further cement its position as the leading financial partner for clients in the industry through its unparalleled sector expertise and bespoke solutions. With the establishment of this new representative office, NBF can bring value-added services and source market information to better serve existing clients in the Antwerp and the UAE. Attending the opening ceremony wereHE Mohamed Issa Hamad Abushahab, Ambassador of the United Arab Emirates to the Kingdom of Belgium, representatives from NBF Board and senior management, as well as esteemed partners and guests.
Commenting on the representative office launch, Vince Cook, NBF’s CEO, said: “This is a proud moment for us, and a great testament to our focus on providing our clients with the best financial advice and connecting them with important stakeholders both at home and abroad. Since launching the diamond financing business, we have realised that our clients who are present in both Dubai and Antwerp would benefit from NBF being present in these two major diamond hubs. We are committed to using our presence in Antwerp to build on our reputation as one of the leading banks in the diamond business and grow partnerships with the local community.”
NBF’s diamond financing team complements the bank’s focus on the precious metals and jewellery sectors. The bank is widely regarded as one of the biggest local bullion banks in the UAE in terms of service coverage and provides an array of structured derivatives in commodities and base and precious metals. The bank moved to launching its diamond financing business in 2015 after bringing in industry experts from Antwerp Diamond Bank’s (ADB) operations in Dubai to run the business. NBF’s diamond products primarily involves providing short-term purchase and sales financing to established diamond traders.
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals. NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+/A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 18 across the UAE.